The Hartford Steam Boiler Inspection and Insurance Co. (HSB), part of Munich Re, has launched HSB CyberOne, a new cyber risk insurance coverage for small businesses. The new product expands HSB’s suite of products and services designed to protect smaller commercial organizations from the growing threat of information security exposures.
Computer viruses and other computer attacks can result in lost business income and expenses to restore systems and recover data. With a small business at significant risk of losing critical information that is essential for daily operations, damaging its reputation and potentially being exposed to costly litigation, more companies are purchasing cyber insurance.
HSB CyberOne provides coverage with limits up to $100,000 to protect the risks typical of small organizations. It helps policyholders recover from damage to systems caused by a computer attack and also provides defense and liability coverage for certain lawsuits that allege third-party damage resulting from a failure by the insured to adequately secure its own computer system.
Other insurers can add HSB CyberOne to a group of their small business policies so it’s more affordable than products underwritten one policy at a time. It can be included as part of a business owners product (BOP) or a commercial multi-peril (CMP) policy.
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